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TCM

Tang Capital Management Portfolio holdings

AUM $2.2B
1-Year Est. Return 156.35%
This Fund
S&P 500
This Quarter Est. Return
+5.72%
1 Year Est. Return
+156.35%
3 Year Est. Return
+492.92%
5 Year Est. Return
+804.3%
10 Year Est. Return
+3,997.35%
AUM
$1.97B
AUM Growth
-$55.4M
Cap. Flow
-$90.8M
Cap. Flow %
-4.61%
Top 10 Hldgs %
57.9%
Holding
79
New
4
Increased
9
Reduced
14
Closed
28

Top Buys

Rank Stock Value
1
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$93.8M
2
CORT icon
Corcept Therapeutics
CORT
+$50.2M
3
CAPR icon
Capricor Therapeutics
CAPR
+$45.3M
4
INSM icon
Insmed
INSM
+$30.7M
5
CMPS
Compass Pathways
CMPS
+$26.9M

Top Sells

Rank Stock Value
1
RNAM
Avidity Biosciences
RNAM
+$64.9M
2
VRTX icon
Vertex Pharmaceuticals
VRTX
+$36.3M
3
MRNA icon
Moderna
MRNA
+$27.7M
4
TVTX icon
Travere Therapeutics
TVTX
+$26.7M
5
VTYX
Ventyx Biosciences
VTYX
+$25.4M

Sector Composition

Rank Sector Weight
1 Healthcare 94.45%
2 Miscellaneous 5.55%
3 Communication Services 0%
4 Real Estate 0%
5 Technology 0%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AUPH icon
1
Aurinia Pharmaceuticals
AUPH
$2.17B
$181M 9.2%
12,229,500
+900,000
+8% +$13.2M
CELC icon
2
Celcuity
CELC
$4.33B
$120M 6.09%
1,050,000
– –
MIRM icon
3
Mirum Pharmaceuticals
MIRM
$5.94B
$114M 5.8%
1,236,027
– –
LKFT
4
Lakefront Biotherapeutics American Depositary Shares
LKFT
$1.89B
$114M 5.77%
3,785,991
-135,228
-3% -$4.48M
SPY icon
5
State Street SPDR S&P 500 ETF Trust
SPY
$825B
$109M 5.55%
168,000
+138,000
+460% +$93.8M
KNSA icon
6
Kiniksa Pharmaceuticals
KNSA
$6.09B
$109M 5.53%
2,259,889
– –
CAPR icon
7
Capricor Therapeutics
CAPR
$558M
$103M 5.25%
3,399,900
+1,699,900
+100% +$45.3M
PTCT icon
8
PTC Therapeutics
PTCT
$5.85B
$102M 5.19%
1,500,000
– –
SYRE icon
9
Spyre Therapeutics
SYRE
$7.97B
$95.4M 4.85%
1,892,200
– –
KALV
10
DELISTED
KalVista Pharmaceuticals
KALV
$92.1M 4.68%
4,573,530
– –
CMPX icon
11
Compass Therapeutics
CMPX
$432M
$88.8M 4.51%
16,790,809
– –
TARS icon
12
Tarsus Pharmaceuticals
TARS
$3.15B
$83.4M 4.23%
1,188,624
– –
IMCR icon
13
Immunocore
IMCR
$1.89B
$79.9M 4.06%
2,649,368
+20,830
+0.8% +$674K
ANAB icon
14
AnaptysBio
ANAB
$1.67B
$73.8M 3.75%
1,330,879
-1,208
-0.1% -$65K
CORT icon
15
Corcept Therapeutics
CORT
$12.3B
$60.5M 3.07%
1,500,000
+1,343,236
+857% +$50.2M
ANIP icon
16
ANI Pharmaceuticals
ANIP
$1.67B
$54.4M 2.76%
707,500
+226,063
+47% +$17.6M
INSM icon
17
Insmed
INSM
$25.9B
$42.5M 2.16%
260,000
+200,000
+333% +$30.7M
BNTX icon
18
BioNTech
BNTX
$25.6B
$41.8M 2.12%
470,000
– –
VRDN icon
19
Viridian Therapeutics
VRDN
$2.61B
$35.1M 1.78%
1,792,626
– –
AVIR icon
20
Atea Pharmaceuticals
AVIR
$430M
$25.9M 1.32%
4,814,700
– –
PGEN icon
21
Precigen
PGEN
$2.49B
$24.8M 1.26%
6,417,500
+800,000
+14% +$3.28M
DNTH icon
22
Dianthus Therapeutics
DNTH
$5.92B
$22.2M 1.13%
264,692
– –
CMPS
23
Compass Pathways
CMPS
$1.9B
$22.1M 1.12%
+4,002,200
New +$26.9M
CBIO
24
Crescent Biopharma
CBIO
$659M
$21.3M 1.08%
1,160,000
+287,602
+33% +$3.3M
STOK icon
25
Stoke Therapeutics
STOK
$2.04B
$16.3M 0.83%
500,000
– –
1
2 3 4

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1SB
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BOI
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IHL
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BCP
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Tang Capital Management's Q1 2026 Portfolio in Review

As of Q1 2026, Tang Capital Management held 79 positions worth $1.97B, down 2.7% from $2.02B the previous quarter. Its ten largest holdings account for 58% of the portfolio.

Tang Capital Management withdrew a net $90.8M in Q1 2026, closing 28 positions and reducing 14 holdings. Its most notable exit was Avidity Biosciences, an estimated $64.9M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 94% of assets, down from 97% a quarter earlier, followed by Miscellaneous and Communication Services.

Against the trend, Tang Capital Management opened a new position in Compass Pathways worth $22.1M.

  • Tang Capital Management's largest Q1 2026 buy was Compass Pathways: 4,002,200 shares worth $22.1M.
  • Tang Capital Management added most to State Street SPDR S&P 500 ETF Trust in Q1 2026, an estimated $93.8M increase.
  • Tang Capital Management's biggest Q1 2026 reduction was Moderna, cutting an estimated $27.7M.
  • Tang Capital Management fully exited Avidity Biosciences in Q1 2026, selling an estimated $64.9M.
  • Tang Capital Management's ten largest holdings make up 58% of its $1.97B portfolio in Q1 2026.
  • Tang Capital Management opened 4 new positions and closed 28 in Q1 2026.
  • Tang Capital Management's portfolio value fell 2.7% quarter-over-quarter to $1.97B.

Based on Tang Capital Management's 13F filing for Q1 2026, filed 15 May 2026.